20 May 2024 10:35

Russian government extends ban on export of waste and scrap from precious metals for six months

MOSCOW. May 20 (Interfax) - The Russian government has extended temporary restrictions on the export of the waste and scrap from precious metals, the government press service reported.

The restriction will be in effect from May 20 through November 20, 2024. The previous restriction ended on April 30 of this year.

Waste and scrap from precious metals or metals clad with precious metals, along with other waste and scrap containing precious metal or compounds derived from precious metals cannot be exported from Russia while the restrictions are in effect. The export of waste and scrap from electrical and electronic products used primarily for the extraction of precious metals important to the domestic market will also be suspended. The ban will not apply to exports of cathode antimony in ingots, as well as samples taken from batches of the scrap and waste from precious metals exported by refining organizations.

The ban is being extended in order to increase the capacity utilization of Russian enterprises which process the waste and scrap from precious metals, including refineries. The mechanism has proven its effectiveness, making it possible to attract significant volumes of secondary raw materials containing precious metals into precious metals processing and production processes, the Ministry of Industry and Trade said previously.

Because of the 130-160-day length of the processing cycle for waste and scrap from precious metals, as well as for the implementation of investment projects for raw materials processing, processing plants and refineries require additional time and a stable source of raw materials containing precious metals, the ministry said.

The ban was introduced in March 2023.